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Thread: U.S. Adds 195,000 Jobs; Unemployment Remains 7.6%

  1. #1731
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    Re: U.S. Adds 195,000 Jobs; Unemployment Remains 7.6%

    Quote Originally Posted by Donc View Post
    a) Federal Old-Age and Survivors Insurance Trust Fund

    There is hereby created on the books of the Treasury of the United States a trust fund to be known as the “Federal Old-Age and Survivors Insurance Trust Fund”. The Federal Old-Age and Survivors Insurance Trust Fund shall consist of the securities held by the Secretary of the Treasury for the Old-Age Reserve Account and the amount standing to the credit of the Old-Age Reserve Account on the books of the Treasury on January 1, 1940

    42 USC 401 - Trust Funds | Title 42 - The Public Health and Welfare | U.S. Code | LII / Legal Information Institute,
    So you don't have an answer to the question, I see. You really don't understand SS at all and you can post a link but suggest you read it. Show me in that trust fund where it authorized the Congress to put the contributions on budget and to spend it on items other than SS?

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    Re: U.S. Adds 195,000 Jobs; Unemployment Remains 7.6%

    Quote Originally Posted by Conservative View Post
    What a bogus argument, SS is a contribution you make and you get a return out of it. You don't invest and you get nothing like so many in states that don't contribute. It has nothing to do with who puts in what or what percentage. This has to be an act on your part. Now get back on topic.

    It took FDR almost seven years to get SS off the ground. I guess we can give BO three years to get it straightened out. Its been a pretty heavy load hoisted onto his back by the ineptitude of the previous misadministration.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: U.S. Adds 195,000 Jobs; Unemployment Remains 7.6%

    Quote Originally Posted by Conservative View Post
    So when you die your spouse gets the total value of your insurance policy? This has to be an act on your part, you aren't this stupid.
    Uhmm we are not talking life insurance

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    Re: U.S. Adds 195,000 Jobs; Unemployment Remains 7.6%

    Quote Originally Posted by Conservative View Post
    Bush isn't in office, this is the Obama economy
    And it is a heck of a lot better than 5 years ago.

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    Re: U.S. Adds 195,000 Jobs; Unemployment Remains 7.6%

    Quote Originally Posted by Conservative View Post
    I voted for a D in JFK who understood the private sector and how to stimulate it. No D since JFK has been worth a damn in managing the private sector economy. Obamanomics is a failure so no matter how many times you divert from that record it isn't going to change the results.
    You don't even know how it works. You don't know the difference between Obama and what you want, China.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: U.S. Adds 195,000 Jobs; Unemployment Remains 7.6%

    Quote Originally Posted by j-mac View Post
    How can someone that truly believes himself so smugly superior, get what I clearly typed, so wrong?

    Ah well, figures....
    Feel free to point out any errors.

    Or to fully spell out the mindless either or fallacy you threw out there. I choose to deal with that by explaining what we really had. You ignored that, so pony up something not so fallacious.
    Last edited by Boo Radley; 07-25-13 at 01:18 AM.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: U.S. Adds 195,000 Jobs; Unemployment Remains 7.6%

    Quote Originally Posted by Conservative View Post
    So you don't have an answer to the question, I see. You really don't understand SS at all and you can post a link but suggest you read it. Show me in that trust fund where it authorized the Congress to put the contributions on budget and to spend it on items other than SS?
    Are you referring to intra-governmenta debt that pays the trust fund 4.4% in interest? The same fund that will run a surplus through the end of 2021? The fund that holds United States Treasury bonds and U.S. securities backed by the full faith and credit of the United States Government?
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: U.S. Adds 195,000 Jobs; Unemployment Remains 7.6%

    Quote Originally Posted by Conservative View Post
    Let me know what you do with more money in your paycheck and if that has any effect on economic activity? Do you think you keeping more of what you earn is an expense to the govt?
    Again, you are obfuscating. But, if you must, the government deciding to forgo revenue by giving a tax cut, while not an expense, is a reduction of revenue, which has the exact same effect. BTW, as I business owner, I do not have a paycheck.


    Quote Originally Posted by Conservative View Post
    Now we can continue this but for what purpose? Bush isn't in office, Obama could have ended the Bush tax cuts in 2009 but didn't. Obama has trillion dollar deficit every year in office. Consumer spending is the number one component of GDP so tell me how tax cuts affect consumer spending?
    We are continuing this because you want us to believe it is Obama that has wrecked the economy and I am telling you he hasn't. He has failed to fix it; the economy was wrecked by the failed policies of the previous administration. Once again, you obfuscate because you can not defend.

    Quote Originally Posted by Conservative View Post
    You seem to buy what you are told but not one of those studies addresses economic activity and that effect on jobs and tax revenue. Further back in September 2001 we had quite a shock to the economy of this country and the cries that would never forget. Here we are over a decade later and you have forgotten just like you forgot Bush inherited a recession that began official in March 2001 both of which affected employment, govt. tax revenue, and the deficit. GAO claims 9/11 cost over a trillion dollars which is part of that Bush debt.
    And again, you obfuscate..... I am asking you to tell us why we should not blame GW Bush for starting with essentially a balanced budget and delivering extremely large deficits. I know why you must obfuscate, because this is an argument you can not win. Bush screwed up big time and now we are dealing with the consequences of his failed policies. Its time to live in the real world. The truth will set you free.

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    Re: U.S. Adds 195,000 Jobs; Unemployment Remains 7.6%

    Quote Originally Posted by ItAin'tFree View Post
    Lets play your game, this time with Clinton. The first budget Bush was responsible for began 1 Oct 2001. So for the first nine months of 2001 it's on Clinton but we have to use it all against him according to the rules you use with Obama. The deficit in 2001 was 133.29 billion dollars. The defiict in 1999 was 130.08 billion dollars. Doesn't seem like it slowed much to me. In fact if based against 2000 its on a big upswing. So once again, just where was this "surplus"? Good thing you think very highly of yourself and your phony liberal ideas because people capable of thought won't.

    Bring some real facts to the table next time junior. Not just numbers being twisted to gather support from people incapable of thought.
    Hey, thanks for using facts. Now if we could just get you to use real (verifiable) facts.

    Where did you get your numbers as they do not jive with table 1.1 of the US Budget (http://www.whitehouse.gov/omb/budget/Historicals or see below)? I would love to indulge you in your question, but not your fantasies. Let's see a link and settle on the real numbers so that we can actually have a discussion.

    Note per the table below, 2001 had an on-budget deficit of $32B; but the total budget showed a surplus of $128B. In 1999, we had a surplus on-budget and in total. The 2001 on-budget deficit was 100% attributable to a revenue shortfall of a greater amount (see tax collection column), largely caused by the tech bubble crash rather than specific policies of the President.

    Regardless, the discussion of whether we had a small deficit or small surplus is moot. Either way our budget had negligible surplus or modest, manageable deficits. In essence, they were the same thing: the budget was balanced when the tenant at 1600 Pennsylvania changed. In fact, the prevailing wisdom and political discussion at the time was about how to spend the forecast surpluses.

    Happy to discuss you issue, but please either accept the real numbers or produce some support for yours. I refuse to debate your impressions, which without verifiable numbers is all you have brought to the table.

    Notwithstanding anything you might come up with to refute the starting point as "balanced budget", the ending point (the day the George turned the keys to 1600 Pennsylvania to Barack) was huge deficits. Hard to blame anyone but George for that mess.

    Looking forward to your response, champ.

    Budget - US Budget.jpg
    Last edited by upsideguy; 07-25-13 at 02:56 AM.

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    Re: U.S. Adds 195,000 Jobs; Unemployment Remains 7.6%

    Quote Originally Posted by Donc View Post
    It took FDR almost seven years to get SS off the ground. I guess we can give BO three years to get it straightened out. It’s been a pretty heavy load hoisted onto his back by the ineptitude of the previous misadministration.
    FDR's policies extended The Great Depression

    Fail

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